November 11, 2017 / 2:05 PM / in a year

Brazil's Grupo Caoa buys 50 pct of automaker Chery's local operations

SAO PAULO, Nov 11 (Reuters) - Grupo Caoa, Hyundai’s local partner in Brazil, said on Saturday it had bought 50 percent of Chinese automaker Chery’s Brazilian operations, according to a written statement.

The statement did not say what the deal was worth.

The Estado de S. Paulo newspaper reported that Caoa had paid $60 million, though it did not say where it got the information from, and Caoa did not immediately respond to a request for comment.

The company, which will be known as Caoa Chery, plans to invest $2 billion in Brazil in the next five years, the statement said. It did not give any further details.

Chery has a plant in Sao Paulo state, and the partnership with Caoa means that production for Caoa Chery vehicles will continue there and also take place at Caoa’s plant in Goias.

Chery produces three models of cars in Brazil - the New QQ, Celer Hatch and the Celer Sedan. The statement did not provide details on any new models Caoa Chery may develop. (Reporting by Brad Brooks; editing by Clelia Oziel)

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